Why the Chinese Love Lafite

For Robert Sleigh, head of wines for Sotheby’s in Asia, no other bottle captures the Chinese imagination like Château Lafite Rothschild. In recent years, this particular Bordeaux has become the most coveted wine in Asia — and it’s helped to fuel huge price increases in this kind of wine. “The Asian wine market is what is driving the world market right now — it is one and the same thing,” says Mr. Sleigh. Asian buyers account for about 60% of Sotheby’s world-wide wine sales; at auction last spring in Hong Kong, 30% of sales went to mainland Chinese buyers.

On Oct. 29, Sotheby’s Hong Kong will hold its first-ever sale dedicated to the Lafite estate. The collection has an enviable provenance: It comes directly from the château itself — nearly 2,000 bottles in pristine condition that have never left the French winemaker’s private cellars. The entire lot is expected to fetch between HK$12 million and HK$20 million (US$1.5 and $2.5 million).

“Five years ago, Lafite came behind Latour and Mouton-Rothschild, but it is now trading at quadruple those,” says Mr. Sleigh. “And if you look back even further, 10 years ago, we were selling a case of Lafite for US$4,000 to US$5,000 in London and New York. Now those are going for US$60,000 a case — a 12-time increase.”

1. Easy pronunciation. “It could be as simple as the fact that the name ‘Lafite’ is easier to pronounce for Chinese consumers, especially when compared to some of the longer French names,” says Mr. Sleigh.

2. Volume. In order for wines to be considered “investment grade,” enough quantity must be available on the market so that prices are not volatile. “Rare wines by nature drive prices up and down quickly, but a stable Bordeaux like Lafite with enough production capability can be traded like a commodity,” says Mr. Sleigh.

3. A classic brand. There are many good Bordeaux vineyards—including the similarly named Château Smith Haut Lafitte. But only five wines are classified as “first growths” or Premier Cru, the highest ranking for this type of wine: the châteaux Margaux, Haut-Brion, Mouton Rothschild, Latour and Lafite. The most “classic” brand is Lafite, says Mr. Sleigh. “A Lafite is your go-to bottle for tradition and age-worthiness…Latours are seen as more powerful. Margaux is more elegant. Haut-Brion is a Bordeaux for ‘Burgundy lovers’ with its ethereal nature. And Mouton is on the wilder side.”

4. Expansive view. In addition to its prized jewel of Château Lafite Rothschild, the estate has also developed other labels and wines, including Château L’Evangile for Pomerol and Château Rieussec for Sauternes, both of which have won acclaim. Consequently, the wine estate has managed to spread its name to the mass market. “The commendable thing is that they’ve done all this without brand name dilution,” says Mr. Sleigh. “And the enterprising spirit has only made the estate stronger.”

5. Legendary vintages. There are premium vintages that are considered true collectors’ items and this bestows on Lafite a certain preeminence in the wine world. “One example from the October auction is the 1870 Château Lafite expected to sell between US$10,000 and $20,000 a bottle]. It comes from the ‘Year of the Comet,’ considered by most to be the best vintage ever of Château Lafite,” says Mr. Sleigh.